The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The landscape of financial advisers in Australia continues to be dynamic with numbers showcasing a slight growth after a period of declines.
In the latest analysis by WealthData, Australia faced a modest net increase of 39 financial advisers this week, coming off the Financial Adviser Register (FAR).
Despite the recent uptick, the overall trend for the calendar year remains concerning. WealthData's principal, Colin Williams, highlighted that many advisers previously counted among the fiscal year's large exits have returned under new licenses. This movement has somewhat cushioned the overall number, bringing active financial adviser registrations to 15,469 as of now.
Interestingly, since the beginning of the financial year on July 1, there have been 41 new advisers registered, including the 21 additions from the past week. These recent figures indicate a potential reversal in the downtrend, though the calendar year's net loss of 148 advisers can't be overlooked.
Weekly Adviser Activity Overview
Net change of advisers: +39
Total number of active advisers: 15,469
Year-to-date net change for 2024: -148
This financial year's net change: +121
Net change for the last financial year (2023/24): -211
39 Licensee Owners achieved net gains amounting to 54 advisers
12 Licensee Owners faced net losses, losing 13 advisers
Two licensees commenced operations, while one ceased
21 new advisers entered the scene
Total advisery movements (appointments/resignations): 74 (down from last week's 246)
Licensee Owner Growth Highlights
Certain licensee owners experienced appreciable gains this week. Insignia Group stands out with a net increase of seven advisers; five being new entrants while the remaining two transitioned from Alliance Wealth and internal positions within Insignia.
AvalonFS showed a net increment of six advisers. However, it's noteworthy that all six had ceased operations toward the end of June but were reinstated in the beginning week of July.
Other notable movers include:
New licensee onboarding advisers from Advice Evolution
Pitcher Partners Brisbane: gained two new entrants
Philborne Pty Ltd (Dirigere Advisory): added one adviser each from Zebra Financial Services and Fortnum
Bell Financial: inducted two new advisers
Additionally, a broad spectrum of 33 other licensee owners saw a net growth of one adviser each, including firms like Fortnum, Centrepoint, and Capstone.
Licensee Owner Losses This Week
On the flip side, there have been notable declines within certain major licensee owners:
AMP Group saw a dip by two advisers; one new adviser joined from Godfrey Pembroke, but this gain could not offset three other advisers ceasing their affiliation (backdated to June).
A group of 11 licensee owners, including prominent names like Findex Group, Infocus, and Morgan Stanley, observed a net loss of one adviser each, including the one licensee that completely wound down.
The ever-evolving adviser landscape reflects the broader shifts and disruptions within the financial advisory sector in Australia. It will be crucial to monitor if trends reverse sustainably or if the industry continues to navigate these turbulent waters. (Source: WealthData)
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
The Reserve Bank’s latest meeting minutes have added more detail to the message borrowers heard after the earlier August rate decision: policy makers are not yet ready to declare victory over inflation, even if some parts of the economy are clearly slowing. For households, sole traders and SMEs, that means borrowing plans still need to be built around current lending conditions rather than expectations of a quick fall in rates. - read more
The Reserve Bank of Australia’s August decision to leave the cash rate unchanged at 4.35% keeps a familiar message in place for Australian borrowers: relief may come eventually, but loan decisions still need to be made on today’s numbers. For households, sole traders and SMEs, the practical issue is not only where rates sit now, but how lenders assess affordability while policy remains restrictive. - read more
The latest Reserve Bank financial aggregates extend a pattern that has been building for several months: Australian businesses are still leaning on credit, even while borrowing costs remain elevated and lenders continue to scrutinise applications closely. Private sector credit continued to grow over the month and across the year, with business lending again a key contributor to overall momentum. - read more
APRA’s decision to keep the mortgage serviceability buffer at 3 percentage points is a timely reminder that loan approval is still being judged on resilience, not just today’s advertised interest rate. The buffer requires regulated lenders to test whether borrowers could still manage repayments if rates were materially higher than the loan rate being offered. - read more
The Reserve Bank of Australia’s latest policy commentary has reinforced a message that borrowers cannot afford to ignore: interest rate relief is not something to build a budget around too early. While inflation has eased from its peak, the central bank remains alert to price pressures, wage growth, productivity challenges and the possibility that demand may prove more resilient than expected. - read more
Welcome to the beginning of your financial journey. As an Australian, understanding the nuances of financial planning is pivotal to securing your economic future. Whether you're applying for your first loan or on the cusp of retirement, the financial decisions you make will have a lasting impact on your life. This guide aims to walk you through each stage, providing practical advice that you can apply to your own circumstances. - read more
Getting your loan approved is a significant milestone, but it also opens the door to many new responsibilities. Proper management of your finances after loan approval is crucial to avoid common pitfalls that could derail your financial stability. - read more
Loan management skills are crucial for individuals and families in Australia, as they play a vital role in managing finances and achieving financial stability. Effective loan management enables individuals to make sound financial decisions and avoid falling into debt traps. This article aims to highlight the importance of acquiring loan management skills and how it can benefit Australians. - read more
Understanding your credit score is crucial, especially when you're looking to secure a loan. Whether it's for a home, a car, or personal use, a good credit score can make a significant difference in the type of loan you qualify for and the interest rates you'll be offered. - read more
Borrowing power refers to the amount of money a lender is willing to loan you, based on your financial situation. - read more
Need Help Finding a Loan?
Find out now if you qualify and
compare rates, offers and options from multiple lenders - without a credit check!
All finance quotes are provided free (via our secure server) and without
obligation. We respect your
privacy.
Knowledgebase
Mutual Fund: An investment vehicle made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments, and other assets.
No comments yet. Be the first to share your thoughts.